Starvation By Insurance

If you were to take out every kind of insurance there is, you would end up in debt up to your eyeballs trying to pay all the monthly premiums. If you’re serious about saving money, some kinds of insurance will be beneficial to that goal, while others would likely end up being a total waste of money.

Boiler, pet and sometimes even dental insurance, for just three of many possible examples, can end up costing you much more in premiums than in actual payout.

But a few types of insurance – other than the required auto and home (if you still have a mortgage) – could save you money in the long run.

1. Term life insurance. This is especially recommended for people with families who have under $500,000 in a nest egg.
2. Short-term health insurance. ShortTermHealthInsurance.net explains under which circumstances you might want to carry health insurance for a limited time.
3. Natural disaster insurance, such as for earthquakes or flood. If your home is at high risk of damage by nature, you could save up to hundreds of thousands of dollars by carrying the relevant policy.
4. For seniors over 65, both Medigap and long-term care insurance can pay off big, both for the senior themselves and for their children, who may otherwise have to carry the extra financial burden.

Of course, the best insurance is taking care of yourself, living simply, cultivating authentic friendships and knowing God. When you do these things, you have much less to worry about.